As we reach the feature crystallization phase of building the PRüF protocol, we find ourselves in the position of taking a long hard look at the state of the blockchain platforms on which we would like to deploy.
Development of the PRüF infrastructure has been focused on the Ethereum Virtual Machine (EVM) so far, but deploying on other platforms has always been part of the plan for PRüF.
At this point, we have the utility token deployed on the Ethereum mainnet and have been operating on the testnet for feature development and testing. This combination has given us access to community-building tools through airdrops, contests, and bounties while preserving agility and flexibility for rapid development.
As we approach mainnet deployment, we find that prohibitive Ethereum transaction costs would cut us off from significant market segments — as we always knew they would — but are a little bit surprised with the relative immaturity of other platforms.
Of course, Ethereum knockoffs such as BSC or ETC are facile options, but ETC suffers from the specter of 51% attacks and BSC is a little bit too centrally controlled to launch a project such as PRüF whose ethos is based squarely on the moral strength of decentralization.
Our carefully considered response is to fully embrace PRüF as a protocol. PRüF has never been just a Dapp, but fully embracing it as “protocol-first” brings important direction to our development plans and marketing strategies.
With the destiny of PRüF as firmly platform agnostic, we gain the freedom to re-imagine uses and implementations in their optimal forms for every market and chain.
We have often considered what it would look like to deploy PRüF on the Ethereum network. High gas costs and slow transactions do not meet our vision for PRüF as a universal platform, ideal for managing assets from yachts to socks with equal ease.
What refocusing on PRüF as a protocol, not a platform, has helped us to understand is that what it would mean to launch on Ethereum is much less important than what it would mean to not launch on Ethereum.
The high transaction costs of Ethereum are a feature, not a bug, for high-value NFT items. It is analogous to the medium that an artist uses — a clay pot will cost less than a gold bowl to make, and we accept that some of those costs are reflected in the sale price of the article.
Ethereum is expensive. It’s also battle-tested and fully mature as a development platform. Billions of dollars a day are managed in its smart contracts.
Soon, PRüF will deploy on Ethereum. On the Ethereum network we will work primarily with select high-value clients, for a curated environment in which to grow our roots.
A bridge for the utility token will enable it to be traded on BSC (Binance Smart Chain), an affordable and active platform for Defi and trading. PRüF on BSC will be brought back into the Ethereum network to be used in the contract infrastructure.
As third-generation platforms such as Cardano reach maturity, they will enable PRüF for inexpensive assets and supply chain provenance with fast, affordable transactions. Cardano and similar platforms have the potential to bring PRüF’s asset management and monetization tools to a truly global market.
As we explore how to we can create new value leveraging ARweave with PRüF, we expect to deploy some or all of the protocol to smartWeave for content-heavy digital applications. High-resolution art, NFT collectibles, digital assets, software, AR/VR experiences, videos, or anything else with a heavy storage requirement is a natural match for the ARweave permanent storage platform. Ultimately, we can see ARweave dominating the storage-heavy NFT space, and PRüF will be there.
Specifically for certain collectibles, deployment on the Flow blockchain may prove advantageous as it will give PRüF easy access to certain marketplaces within their ecosystem.
Because the PRüF protocol is designed to be universal and extensible, mobility between chains — where desirable — will be simple.
If this hydra-like approach to establishing dominance in the blockchain asset management space seems ambitious, that’s because it is. PRüF hasn’t built the first universal asset management and provenance platform by being timid, but rather by imagining what is possible instead of what is obvious.
In the short term, this will mean that we will be working on an accelerated launch schedule, turning bounty programs and testing up to 11. We will be laser-focused on interface and feature accessibility. We will be freed to focus on a select few launch clients whose offerings are not hindered by high gas costs, and that will help us to deeply understand their needs and improve our product-to-market fit.
Looking at the longer view, bringing on select platform users should help PRüF to make a strong showing in our decentralized liquidity event and to build momentum and velocity for the protocol moving forward.
Having the tried and true Ethereum platform as an anchoring point will help PRüF to maintain traction and growth as we expand onto other chains and markets, underwriting our progress and providing a fulcrum for our strengths. Overall, we are confident that this strategy will be a winning combination for stakeholders, users, and the team, and we look forward to meeting the challenges and the solutions that this path will lead us to.